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Hawks swoop on more former Transnet bigwigs linked to multi-million rand locomotives tender fraud

More Transnet executives have been arrested this morning by the Investigating Directorate (ID) of the National Prosecuting Authority (NPA) and the Hawks.

“Several arrests of former Transnet executives have been effected this morning, through arrangement with their legal representatives,” said ID national spokesperson Sindisiwe Seboka. “They are expected to appear this morning at the Palm Ridge Specialised Crimes Court.”

Former Transnet former group chief executive, Brian Molefe and former finance head, Anoj Singh were reportedly among those arrested. In May, former Transnet chief executive officer Siyabonga Gama was among five people arrested over allegations of breaching the Public Finance Management Act, fraud, corruption and money laundering.

On the same day, the five former executives of the state-owned enterprise were granted bail ranging from R25 000 to R250 000. Brian Nemavhidi, the regional magistrate presiding over the matter in the Palm Ridge Magistrate’s Court, warned the accused they must appear in court when ordered.

Gama was charged together with: Eric Wood, shareholder at Gupta-linked company Regiments Capital; Garry Pita, former acting group chief financial officer; Phetolo Ramosebudi, former group treasurer; Daniel Roy, Trillian asset management director. They five are scheduled to appear in court today. Three of the accused were granted bail of R50 000 each, with the exception of Wood and Ramosebudi, who were given bail of R250 000 and R25 000, respectively.

“In 2012, Transnet went on a Request for Proposal tender to get transaction advisory services to secure funding for $2.5 billion (equivalent of R30bn at the time) to fund the acquisition of the 1 064 locomotives deal,” spokesperson for the Investigative Directorate Sindisiwe Seboka said.

“In May 2015, Transnet appointed JB Morgan for advisory services. In July to October 2015, the same officials in Transnet started facilitating the termination of the JB Morgan contract. A cancellation resulted in them appointing Trillian in October 2015,” said Seboka at the time.

Source: www.iol.co.za
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